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Chapter 19 - PowerPoint PPT Presentation
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Chapter 19. Economic Change and the Crisis of the 1890s. Web. Economic Growth, 1878-1893. All sectors expanding, especially manufacturing Railroad was single most important agent of economic growth Economic power brought political influence- and corruption
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Economic Growth, 1878-1893
- All sectors expanding, especially manufacturing
- Railroad was single most important agent of economic growth
- Economic power brought political influence- and corruption
- Patrons of Husbandry (Grange), 1867
- To combat collective power of the railroads
- Munn v. Illinois (1877)
- Technology contributed mightily to economic growth
©2004 Wadsworth, a division of Thomson Learning, Inc. Thomson Learning™ is a trademark used herein under license.
Value Added by Economic Sector, 1869-1899
(in 1879 prices)
Costs of Economic Growth
- Widening gap between rich and poor
- Perception of inequality even greater than reality
- “Conspicuous consumption”
- “Robber Barons”
- Emergence of antitrust movement in 1880s
- Sherman Antitrust Act, 1890
- U.S. v. E.C. Knight Company (1895)
- Manufacturing not connected to commerce
Labor Strike
- Unsafe working conditions; loss of worker autonomy
- National Labor Union, 1866
- Withered away in depression of the 1870s
- Molly Maguires in Pennsylvania coal mines
- Great railroad strike of 1877
- Knights of Labor ,1869
- National federation of unions
- Haymarket Square, 1886
- Hurt Knights of Labor
Labor Strike (cont.)
- American Federation of Labor, 1886
- Loosely affiliated association of trade or craft unions
- Critics of the wage-labor system
- Henry George, Progress and Poverty (1879)
- Edward Bellamy, Looking Backward (1887)
- Homestead strike, 1892
- Depression of 1893-1897
- Began with railroad collapse, spread throughout economy
- Coxey’s Army, 1894
- Pullman Strike 1894
Farmer’s Movements
- Increased production drove down agricultural prices
- Prolonged period of price deflation
- Farmers blamed banks, commission merchants, railroads,the monetary system
- Greenback Party
- “Free Silver” movement
- Bland-Allison Act 1878
- Sherman Silver Purchase Act, 1890
- Repealed in 1893
- National Farmers’ Alliance and Industrial Union, 1890
- Began as series of local/regional alliances
- Developed comprehensive political agenda
The People’s (Populist) Party
- Nationwide farmers’ organization formed in 1892
- Ran James B. Weaver as president
- Results disappointing’
- Economic crisis after 1893 boosted chances
- Election of 1896
- Silver issue divided Democratic Party
- Nominated William Jennings Bryan
- Silver and other reform issues
- Populists fused with Democrats and also nominated Bryan
- Republicans nominated William McKinley
- Gold standard and conservative economic platform
- Campaign most impassioned and exciting in a generation
- McKinley elected handily
- Proved to be advance agent of prosperity
©2004 Wadsworth, a division of Thomson Learning, Inc. Thomson Learning™ is a trademark used herein under license.
Presidential Election of 1896
Web
